- Evercore ISI begins coverage of Stitch Fix (NASDAQ:SFIX) with an Outperform Rating and price target of $78.
- Analyst Mark Mahaney: "We view SFIX as a unique eCommerce asset, with a differentiated value proposition and a product-focused approach to drive LT sustainable growth. We also view SFIX as a very good COVID Recovery Play & Product Cycle Play."
- Valuation on Stitch Fix is called reasonable at ~2.0X the 2022 EV/sales estimate.
- Stitch Fix is also added to Evercore ISI's Best SMID Long Term Core Ideas list.
- Shares of Stitch Fix are up 2.01% premarket to $49.20.